Minco: 139 Holes Completed Or Underway At Pallas Green Project
August 03 2011 - 3:33AM
Dow Jones News
Minco Plc (MIO.LN), an Irish precious and base metals
exploration and development company that during the six months
ended June 30, 2011, 139 holes were completed or underway, for a
total of 47,149 meters, with 21 rigs currently drilling at the
Pallas Green project, Co. Limerick.
MAIN FACTS:
-85% of the drilling in the first half of 2011 (121 holes) has
been classified by Minco, using normal industry accepted
terminology, as infill or definition drilling designed to increase
confidence in the existing resource and to permit the
reclassification of resources from inferred to indicated
categories.
-Twenty-two holes out of 121 holes in the infill and immediate
step-out drilling around the Tobermalug and NWX zones returned
economically significant mineralized values.
-The results of the infill/definition drilling are generally in
line with Minco's expectations.
-100 meter spaced peripheral and infill drilling continues to
enhance and enlarge the Knockroe zone, where eleven drill holes in
2011 returned significant mineralized values.
-The Knockroe zone, located 2,000 meters to the southwest of the
Tobermalug deposit, and which has a northeast-southwest strike
length of 700 meters and a width of 300 meters, has emerged as a
separate zone of sulphide mineralization but forming part of the
overall resource base for the Caherconlish area deposits.
-Xstrata Zinc (ZTA.LN) has provided Minco with the results of
the significant drill intersections from the holes drilled in the
first half of 2011.
-Xstrata reported that significant drill intersections were
encountered in 33 of the 121 holes drilled.
-The results from remaining holes are not considered
material.
-Minco classifies 22 of the significant holes as
infill/definition drilling in the Tobermalug and NWX areas and 11
as exploration, principally in the Knockroe area.
-Xstrata has provided Minco with an updated undiluted, in situ
inferred resource for the Caherconlish area as of April 30,
2011.
-The update indicates that as of April 30, 2011, the overall
inferred resource, at the 6% cut-off, has increased by about 1.4
million tons and with a reduction in the zinc grade from 8.96% Zinc
to 8.73% Zinc.
-Minco has separately estimated that the drilling on the
Knockroe zone has added 4 million tons to the inferred resource
(not JORC compliant), essentially doubling the Knockroe resource
since the start of 2011
-This implies the effective reduction of about 2 million tonnes
in the Tobermalug-NWX zones.
-Shares at 0700 GMT stood at 3.25 pence.
-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411;
zechariah.hemans@dowjones.com
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